Raeside Chisholm Solicitors Blog

If you were considering buying your first home before the coronavirus pandemic, we understand you may feel confused and unnerved at the prospect of starting your search again. With cautious lenders and many buyers and sellers dealing with a change of circumstance, buying conditions will likely be more difficult as we move out of lockdown.

The number of house hunters as soared since the lockdown restrictions have been lifted and since the announcement with regard to Land & Building Transaction Tax relief. Whilst this applies throughout the UK a recent analysis of data provided by Countrywide shows that the increase in buyer interest has been greatest in Scotland, and across all prices, the number of buyers registering interest in properties has increased by 77%. The data also shows that throughout the UK about 30% of all sales are ending in competitive bidding with three or more prospective buyers and again, the place with the highest number of bidders is Scotland.

We had promised in Friday’s blog to update you as soon as there was further news in connection with the tax for Scottish homebuyers.  It has now been announced that the changes referred to in our previous blog will begin on Wednesday 15^th July and remain in place until 31^st March 2021. 

The Scottish Finance Secretary, Kate Forbes, yesterday announced a temporary cut to the Land and Building Transaction Tax charged on house purchases and extra support for first-time buyers.

A new campaign group has been set up to allow the representation of people in Scotland who have been affected by a combination of UK and Scottish Law, which has left many people across the country unable to sell their properties.